You’ve been laid off and are starting your own business. How do you avoid common mistakes?

So, the equivalent of what I did decades ago for today's environment is to gain skills that are of high value in any industry, particularly across any space. What I did was to gain knowledge and experience in the field of Process Excellence that any industry at any time would be in need of. Having such skills increased my immunity to the state of the economy rendering me the value proposition that my customers and/or employers saw as an asset. This is also applicable to age where I have been able to seek employment independent of my age. Two Rules to Always Follow => Never: a => Quit if you need a Job with Salary b => Make a decision without a Mentor

While working, I already had a plan as to how to set up my own consulting business and making sure there is no conflict of interest while working for my employer. When the time came of retirement, and company was eliminating my position, I decided to retire from the position and focused on my own business. Thus, it is critical to plan ahead of time if you plan to start your own business. Also, business needs to be in the area of expertise that you have and connection you have built while working for your employer. Hope this helps in deciding to start your own business. Developing network of contacts is critical in growing your own business.

In the journey of starting my own business after a layoff, I found that meticulous planning, financial agility, and adaptability were crucial. For instance, when launching a product, I actively sought customer feedback, which not only helped refine the offering but also fostered a stronger connection with users, leading to increased satisfaction and loyalty. This experience highlighted the importance of customer-centric strategies in navigating the challenges of entrepreneurship.

None of these contributions addresses employees who are foreign born, whose sustainability to stay and work legally in the USA (or any other Nation with similar restrictions) is dependent on having and keeping a Job. Second even though they can legally start a business they aren't allowed to draw any salary or contribute toward it. At the most they can fud it to get it started. So, my first thought was to work as hard and efficient enough to either get promoted and/or retained in case my employer may go belly up. My pathway may not be relevant to those in today's environments as we are in a volatile scenario where Technology changes dominate every industry.

Si la empresa que vas a crear desarrollará la misma actividad que desarrollabas como empleado, tienes grandes ventajas sobre ello, ya que la curva de aprendizaje está superada...

Starting your own chemical industry-related business requires strategic planning. Begin by conducting thorough market research to understand the demand for specific chemical products or services. Identify gaps and opportunities in the industry. Next, create a comprehensive business plan that covers all aspects. Ensure all legal compliance are done. Financial management is critical—monitor cash flow, budget wisely, and avoid overspending. Prioritize quality control. Lastly, build a strong network by connecting with industry professionals, suppliers, manufacturers, and potential clients. Remember, resilience and adaptability are key traits for successful entrepreneurship in chemical industry. Use ICT and modern tools as much as possible.

Road maps are needed for evaluations. Shirt term, mid-range, Long-range planning. It helps refocusing back to original plan especially when hiccups showbup.

A process provides a framework for identifying and addressing issues or challenges that arise during business operations, enabling quick resolution and continuous improvement. A well-designed process serves as a roadmap for success, guiding your business from inception to growth while maximizing efficiency and effectiveness along the way.

Validating is done by authenticating facts and not be presumptuous. Real data, real demographics help understand demand, supply chain etc.

So, first things about operational considerations, quantify your value proposition as best as possible. Understand the costs that go into making your product/service valuable to your target audience. Once you can do this, then you define your revenue equation by inserting those above the line/below the line (variable vs. fixed); COGS vs OH variables. Keep in mind the way you set up your business as well. Understand the differences between C,S,LLC classifications for your business. If you're making a widget, understand that inventory is a tricky factor for S and LLC consideration. However, C corp status has it's limitations as well, so make sure you can project earnings and discuss with your tax person. There's a ton more.

Outsourcing and delegating are essential because they allow you to focus on core tasks while accessing specialized expertise. By outsourcing non-core activities like accounting or marketing, you can benefit from professional services without the needs of hiring full-time staff or do this on your own. This approach also offers scalability, as you can easily adjust services based on your business needs. Delegating tasks frees up your time for strategic decision-making and business development, improving efficiency and mitigating risks by tapping into external expertise for areas like IT security and compliance. Outsourcing and delegating can help streamline operations.

Learning from mistakes when starting your own business is crucial for growth and success. Here's how you can effectively learn from your mistakes: Acknowledge Mistakes Reflect Seek Feedback Adjust Strategies Implement Changes Monitor Progress Document Lessons Stay Positive By adopting a mindset of continuous learning and improvement, you can turn mistakes into valuable lessons that contribute to the long-term success of your business.

Starting a business used to be worthwhile experience. Today, it's very difficult to find talented and committed employees. Customers are pushed to their limits and have a difficult time trusting trade partners. Before you start anything, fully understand your own limitations from financial limits, knowledge limits, work life limits, personal life limits, etc. Being your own boss comes with many "revelations" that are often, never discussed about in the open. Be humble, never brag, always remember, you're one customer away from losing your business so protect yourself, your company, and remember to thank everyone, especially your customers.

Every person is prone to making mistakes; no one is perfect. To start a business effectively, one should embrace the understanding that mistakes are inherent in the entrepreneurial journey and leverage them as learning experiences. By fostering a growth mindset and establishing a robust feedback loop, entrepreneurs can navigate challenges, refine their strategies, and ultimately increase their chances of success.

See if you can complete certain things that have been pending for long on the personal front. Maybe spend some quality time with your parents, visit friends or go for that trek. Learn something new or refresh your knowledge. And yes keep working hard for the next source of income.

The question doesn't make a lot of sense trying to force it into this standard format. You start with a CPA and attorney. You need to understand the boundaries you have to operate your business in. What do you need to do to comply with the tax code? Labor laws? Intellectual property protection? You need a marketing plan and a sales plan. They are different. If have some great technical ability doesn't matter if nobody knows. If they know and you can't close a sale you have a serious problem. You need cash. Once you deliver and invoice how long does it take to collect your money? You need cash to cover the negative cash flow on the front end of a project. Do not underestimate it. If you run out of cash you are dead in the water.